A magnetoresistive element comprises a reference layer having invariable magnetization, a storage layer having variable magnetization, and a tunnel barrier layer interposed between the reference layer and the storage layer. To the magnetoresistive element, data is written by, for example, supplying current to the magnetoresistive element, and reversing the magnetization of the storage layer.
Magnetization reverse current which reverses the magnetization of the storage layer shifts due to a stray magnetic field from the reference layer. In order to cancel this shifting of the magnetization reverse current, as well known, a shift cancelling layer having invariable magnetization in a direction opposite to the magnetization direction of the reference layer is added to the magnetoresistive element.